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LONDON-Barratt Developments has successfully bid £20 million ($31 million) for a 3.5-acre residential site next to the ExCel Exhibition Centre in east London. It plans to build 671 apartmetns on the site, which overlooks the Royal Victoria Dock.

The site was put on the market by Marylebone Warwick Balfour which is in the middle of a planned five-year liquidation of its property portfolio. MWB has consent for a comprehensive development alongside the dock, including residential, commercial and hotel development, which it owns in partnership with the Maccon Group of South Africa and Malaysia-based Sunrise.

Following masterplan approval for the waterfront regeneration scheme in July 2001, MWB’s first transaction involved a £35 million ($55 million) development agreement to create two hotels providing 455 rooms on a one-acre site for the French hotel group Accor.

MWB Director Joe Shashou said: “Having secured a valuable planning consent for this strategically important waterfront site I am delighted that we have attracted companies of the quality of Accor and Barratt. Together these two deals will have generated combined profits to MWB of £13.5 million ($21 million) over a two year period.”

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